“New Jersey was well on the path to creating the stable, predictable tax environment that employers like Amazon require until Governor Murphy’s budget reversed nearly a decade of fiscal discipline,” said Kean. “The massive multi-billion dollar business tax increase signed by Governor Murphy in July was the nail in the coffin for Newark’s proposal to host HQ2.”

Amazon was expected to invest $5 billion in their new second headquarters, dubbed “HQ2,” where they would create an estimated 50,000 jobs with average salaries over $100,000.

Published reports indicate that Amazon may split HQ2 into two locations, with plans being finalized with Long Island City in Queens and Crystal City in Virginia.

According to the Tax Foundation, New Jersey dropped from 42nd to 47th place in state rankings of corporate taxes since last year, and from 48th to 50th in individual income taxes.

“New Jersey has many positives to offer, including a highly-educated and talented workforce, a history of innovation, and an amazing location,” added Kean. “It’s sad to see Governor Murphy steamroll all of that with a misguided notion of tax fairness that is demonstrably making New Jersey weaker and less competitive.”